Spinnova has carried out financing and ownership arrangements that will ensure the next phase in the company’s growth story. Developing a sustainable textile fiber, Spinnova will ramp up its pilot factory in Finland this year. Spinnova has joint product development underway with various other partners. The fiber innovation has raised wide interest from global textile brands out of which many which have committed to challenging sustainability goals.
Thanks to the financers, starting the pilot factory and the product development work are moving full speed ahead. Licensing the technology now being developed in Finland is its most likely future business model, so piloting the technology concept on an industrial scale is now the company’s main priority.
Spinnova’s process uses wood and waste stream based fibers instead of cotton, replacing the toxic viscose process. It sees sustainable businesses as a great opportunity to make good investments while making the world a better place for our children.
Spinnova’s majority shareholder is Brazilian cellulose company Fibria, which invested €5 million into the company in 2017. The development of the Spinova fiber has surpassed expectations. Spinnova’s ownership base has also changed. VTT Ventures, which helped the company’s early steps, has given up its ownership. VTT has been replaced with two new investors.